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Youve probably heard someone say before that time is money. This is obviously true for some people, such as entrepreneurs. An entrepreneur, in many cases, can always be doing something grow or improve his business(es) further, so that they will make more money.
For example, if an entrepreneur has a problem that, if solved, would make his business more profitable and would result in an extra $50,000 a year directly in that entrepreneurs pockets, then obviously the time spent on solving that problem would translate into money. Lets say the problem would take 2 weeks worth of working a normal (40 hours a week) work schedule to solve, for a total of 80 hours. If you could spend 80 hours to earn an extra $50,000 per year, that breaks down to $625 per hour for the time spent solving that problem.
Thus, a person with a mentality that time is money would look at such a scenario like this: Every hour Im not working toward solving that problem, Im losing $625/hr. One can see how this mentality can drive a person to great financial success. Furthermore, the time is money mentality is a cornerstone for capitalism for this reason. If at this point, youre sitting there saying But Im not an entrepreneur, and that doesnt apply to me or my job and cant figure out how you could apply the time is money mentality to your career and life, then I have an alternative for you: Time is Equity. Every minute of your life can be analyzed for how much value was created for your life during the activity which you were doing for that minute. When most people think of building equity, they think of growing the value of their financial interest in real estate. Now apply that to your life, not necessarily in financial terms, but in general.
You can build equity in your life by growing the value of your thoughts, abilities, and actions which translate into increased personal fulfillment and happiness, and sometimes, financial gain.
This could be done in a variety of ways. One could go back to school and continue their education in an effort to improve their life. For others, it may involve learning a new language, a new skill, perhaps learning to play an instrument, or simply using an existing skill more often. If you like to bake and are quite good at it, but you only bake one or two times a year, what good is it doing you to have that skill? On the other hand, if you like to bake and are not good at it, how do you expect to get better at it without practice? Thats only an example, but why sit down and watch tv for 5 solid hours, when you could improve a skill that will bring you far more fulfillment than those tv shows a skill that will create new value in your life. I have played the piano since I was 5 years old, and Ive had somany people say to meI wish I could play the piano. The fact is that most of those people could if theyd spend less time practicing escapism and more time building equity in their lives.
A salesman could spend time learning more sales techniques and perhaps even creating new sales techniques of his or her own. Some industries require you to maintain a certain level of ongoing improvement. If you work in virtually any form of the Information Technology industry, you would likely be left behind very quickly if you didnt keep up with all of the many new developments and general evolution of the industry. Your True Priorities If you asked a group of people what things are most important to them in life, you would probably hear the exact set of stereotypical answers that one would expect. Faith/Religion/Diety, family and kids, country,and so on. In reality, the things that aretruly most important to a person can be easily measured by determining what a person does with their free time.For example, if you have 4 hours of free time every day, and you spend 3 hours of that time time each day watching tv, then its clear that watching tv is your #1 priority in life. Now you can try to argue that all you want, but you wont convince me that anything else is your #1 priority until you prove it by spending the bulk of your free time on that activity every day instead.
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Source: (time management) http://joshbellblog.com/2011/06/time-is-equity-a-different-perspective-on-time-management/
